01 - Line a large baking sheet with parchment paper. Place the Chex cereal in a large mixing bowl and set aside.
02 - In a microwave-safe bowl, combine the semi-sweet chocolate chips, caramel sauce, and unsalted butter. Microwave in 30-second intervals, stirring between each interval, until the mixture is completely melted and smooth.
03 - Pour the melted chocolate-caramel mixture over the cereal. Using a spatula, gently fold the cereal until every piece is evenly coated.
04 - Sprinkle the toasted coconut over the coated cereal and toss gently to distribute evenly throughout.
05 - Place half of the powdered sugar into a large zip-top bag or clean paper bag. Add half of the coated cereal, seal the bag, and shake vigorously until the cereal is well-coated. Repeat with the remaining powdered sugar and cereal.
06 - Spread the coated cereal evenly across the prepared baking sheet in a single layer. Allow it to cool and set completely.
07 - Once cooled, mix in the mini chocolate chips if using. Transfer to an airtight container for storage.